NEW YORK, NY -- (Marketwire) -- 04/24/12 -- After a red-hot first quarter Chinese internet stocks have cooled off recently as concerns about China's economic growth have stalled their impressive start to 2012. Chinese stocks took a dip after a preliminary reading of China's purchasing managers' index signaled a sixth consecutive month of contraction. Five Star Equities examines the outlook for Chinese internet stocks and provides equity research on Baidu.com Inc. (NASDAQ: BIDU) and Renren Inc. (NYSE: RENN).
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Chinese Premier Wen Jiabao last month, in his annual state-of-the nation report, forecasted China's 2012 growth rate to be 7.5 percent. This is the lowest pace of expansion since 1990 and well down on last year's 9.2% growth rate. Concerns about China's economy continue to grow as more recently China's purchasing managers' showed a preliminary reading of 49.1 according to HSBC Holdings Plc and Markit Economics. In the report any number less than 50 signals contraction. This report supports the growing concerns that the second biggest economy in the world may continue to stall.
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Baidu, Inc., the leading Chinese language Internet search provider, announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2011. Total revenues in the fourth quarter of 2011 were RMB4.474 billion ($710.9 million), an 82.5% increase from the corresponding period in 2010.
Renren Inc., the leading real-name social networking internet platform in China, previously announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2011. Total net revenues in the fourth quarter of 2011 were US$32.8 million, a 57.0% increase from the corresponding period in 2010. Gross profit in the fourth quarter of 2011 was US$23.1 million, a 38.6% increase from the corresponding period in 2010.
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